Washington, D.C. — Former President Donald Trump has generated significant controversy with his announcement of a private dinner for the top 220 holders of his recently launched cryptocurrency, $TRUMP. The dinner, scheduled to take place shortly after the meme coin’s introduction, is generating scrutiny from several U.S. lawmakers, particularly Democrats, who are questioning the motivations behind the event.
The private dinner was advertised earlier this week on the official $TRUMP website and includes exclusive benefits for the top 25 holders, such as a personal reception with Trump and a tour of the White House the following day. Participants will be ranked based on the amount of $TRUMP they hold and the duration of their ownership from April 23 to May 12. The website states, “The more $TRUMP you hold — and the longer you hold it — the higher your ranking will be.”
Initially, $TRUMP tokens priced at $75.35 on January 19, just prior to Trump’s inauguration, have since seen a dramatic decline in value, dropping 88 percent to settle at $9.18 before the announcement of the dinner. However, following the promotion, the coin’s value surged by over 50 percent to reach a peak of $14.32, adding approximately $100 million in market value.
Lawmakers such as Senator Chris Murphy of Connecticut have expressed their discontent on social media, labeling the event as “the most brazenly corrupt thing a President has ever done.” Both Senator Elizabeth Warren and Senator Adam Schiff have called for an investigation by the U.S. Office of Ethics, emphasizing concerns that the dinner could signal potential “pay to play” corruption. They argue the event may enable Trump and his associates to monetize presidential access, raising alarms about the implications for foreign entities and corporate interests seeking favorable treatment.
Despite these allegations, the likelihood of an investigation appears diminished given the current political landscape, with Republicans holding majorities in both houses of Congress. Additionally, Trump’s dismissal of the director of the Office of Ethics in February adds another layer of complexity to the situation, as skepticism about regulatory oversight persists.
Trump has long championed the cryptocurrency sector, engaging with it during his latest presidential campaign. His administration’s historic moves toward the crypto industry include the appointment of David Sacks as a “crypto czar” to guide policy and the establishment of a “Bitcoin Strategic Reserve.” Notably, Trump also dissolved the Justice Department unit responsible for prosecuting cryptocurrency fraud, which has allowed crypto companies to flourish while donating millions to his political endeavors.
As the dinner approaches, the discourse surrounding the intersection of cryptocurrency and politics intensifies, raising important questions about accountability and ethics in governance amid evolving financial landscapes.